Tuesday, June 21, 2011

6/20 Daily Commentary

There is a time for action and a time for rest.  The stock market is giving me a time of rest, waiting for the upward correction to complete.  The short-term timing component of I1 is calling for rally lasting at least another 3 days, but the longer-term I1 is down.  I trade in the direction of the longer-term trend.
The DJI critical M/A was crossed at 11,990 and projects an upper envelope at 12,152.  I expect the rally to continue but buying DXD (short DJI) at 12,140 with a 12,155 stop is worth a shot.  I bought 2% DXD at 17.97 this morning.
FOMC announcement Wednesday.

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